4 ms·
A slight nitpick but I think the luck you manage in boardgames is risk and there's also the category of uncertainty which you can't manage (because you don't kn
by kriro 10y ago
A slight nitpick but I think the luck you manage in boardgames is risk and there's also the category of uncertainty which you can't manage (because you don't know the probability distribution or the fact that something is possible/could happen at all).
See "Risk, Uncertainty, and Profit" by Frank Knight for a much better explanation of risk vs. uncertainty than what I can muster. I think it's noteworthy that entrepreneurship theory from economics tends to be build around the idea that it is indeed handling uncertainty (and not risk) that yields entrepreneurial profits.